Automatically increasing the caps for loans to be eligible for sale to the GSEs increases access to mortgage credit, but at the expense of increasing home prices.
Combined, non-agency jumbos and conforming jumbos accounted for 16.1% of total originations during the third quarter. Nonbanks are increasing their lending as some banks pull back. (Includes three data tables.)
It’s never too early to assess hiring plans for a new year. But this time around, it’s a bit trickier given a new power base in Washington and the prospect for higher interest rates.
Prepayment rates during the recent dip in mortgage rates were higher than expected, suggesting lenders have extra staff on hand. Still, it could be a while before interest rates fall low enough to significantly boost lending.
Government-insured products accounted for 27.1% of total first-lien originations in the third quarter compared with a 25.3% share the previous quarter. Streamline refi programs helped increase FHA/VA market share. (Includes two data tables.)
A 35-year veteran of residential finance — including more than a decade at Wells Fargo — Ken Logan is leading Huntington’s foray into warehouse finance. Also on the menu: loans backed by servicing rights.
The former Freddie executive said eliminating mortgage servicing rights, or transferring them to the GSEs, would eliminate the need for nonbank mortgage servicers to make servicing advances on delinquent loans.
The cost of a credit score for originations is set to increase by 41% in January. The plan prompted trade groups representing lenders to renew calls for regulators and Congress to address pricing practices for credit reporting products.
RSS